Central Bank determines the default interest rate

Central Bank determines the default interest rate

The CBRT declares the interest rate to be applied in cases where the default interest rate for late payments made to the creditor in the supply of goods and services is not stipulated in the contract or the relevant provisions are invalid, the annual interest rate is 18.25 percent and the minimum expense amount that can be requested for the collection costs of the receivable is 385 Turkish lira. set.

The Republic of Turkey Central Bank of Turkey (CBT) goods and services procurement is not provided in the contract that the default interest rate on late payments made to the creditor or to be applied in cases where the relevant provisions were invalid interest rate annual percentage 18,25, my minimum expenses that can be claimed for receivables collection costs amount It was determined as 385 Turkish lira.

The Communiqué of the CBRT on the Default Interest Rate to be Applied in Late Payments in the Supply of Goods and Services and the Minimum Expense Amount that may be Requested for the Collection of Receivables was published in the Official Gazette.

Accordingly, the interest rate to be applied in cases where the default interest rate for late payments made to the creditor in the supply of goods and services is not stipulated in the contract or the relevant provisions are invalid, pursuant to paragraph 7 of Article 1530 of the Turkish Commercial Code dated January 13, 2011 and numbered 6102. 18.25 percent per annum, and the minimum expense amount that can be requested for the collection of the receivable was determined as 385 Turkish lira.

This determined rate and amount entered into force as of today, effective from January 1, 2021.

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